Quote:
Originally Posted by wifi
30% debt to income ratio. Local bank. I haven't gotten the appraisal report back yet, perhaps she got up on the wrong side of the bed that day. I've always thought the value of a house or land is what someone is willing to pay for it otherwise, its really subjective.
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It's not the Banks!!! It is the government. Please read the papers. The government started the housing crises by keeping rates artificially low and mandating that every stiff who could fog a mirror should own a home. Now the government is suing the banks for having made those loans even though the banks provide the lubrication for the economy to do well. Were there bad bankers, appraisers, borrowers, etc.? Yes. However, the banks took 95% of the blame. Put yourself in the banks' shoes. If you make a loan and fail to meet government guidelines you will be sued. Your President will condemn you for trying to screw the little guy, etc. etc. Fear not, this problem can be fixed and all of you, especially those residing in NH, will have the opportunity to do so next month.